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it is the result of the 2011 deal that raised the debt ceiling he said he would prefer a comprehensive plan but he says congress still needs to take some sort of action. get a bigger package don by the time the sequester is scheduled to go into effect then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaged a fact of the sequestered. republicans were quick to criticize the president's plan saying that it relies too heavily on tax increases. the u.s. government can use lethal force against an american overseas if that person is a senior operational leader of and al-of al-qaeda or its affiliates. several of them did kill americans in 2011 he was in yemen american but never charged with a crime grand plans for the town where osama bin laden's lived $30 million park would include watersports many sports and pair guiding the private venture is expected to take five years to complete. a course that was rescued at the last moment will now have a lasting legacy meet the woman who saved the thoroughbreds life. and
it is the result of the 2011 deal that raised the debt ceiling he said he would prefer a comprehensive plan but he says congress still needs to take some sort of action. get a bigger package don by the time the sequester is scheduled to go into effect then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaged a fact of the sequestered. republicans were quick to criticize the president's plan saying that it relies...
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Feb 6, 2013
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charlie: looking today at the debt ceiling question. do you think that's more severe and more threatening than any sequestering? >> by far. by far. the sequester, if it happens on march 1, is going to cut government spending immediately by about 85 billion. that's about 6 or 7 tenths of a percent of g.d.p. and over ten years 1.2 trillion. if we bump into the national debt ceiling and by the way the good news is the republicans are talking more and more like this is not going to happen. but if we do, we have to go to a balance budget in a minute. can't borrow anymore. we've got a deficit that's, let's just call it morning friends a trillion. the c.b.o. estimate was a little bit below finally. but around the neighborhood of a trillion. that's 12 times 85. on top of that, you will... you have the danger of kicking off a worldwide financial panic as people start worrying about, well, is the united states going to default on its debt? if it comes down to paying social security payments or the interest on the debt, are we so sure that america
charlie: looking today at the debt ceiling question. do you think that's more severe and more threatening than any sequestering? >> by far. by far. the sequester, if it happens on march 1, is going to cut government spending immediately by about 85 billion. that's about 6 or 7 tenths of a percent of g.d.p. and over ten years 1.2 trillion. if we bump into the national debt ceiling and by the way the good news is the republicans are talking more and more like this is not going to happen....
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Feb 1, 2013
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and certainly, anything that washington does as we saw with the first debt ceiling negotiations, anything that washington does that adds to the uncertainty certainly doesn't help the economy. so i think most people would like to see these people sort of get their act together before the deadline, hopefully. >> well, in fact, senator roy blunt just blamed uncertainty. let me play that. >> uncertainty is probably even a greater problem than contraction. if we knew what the government spending was going to be with some certainty, that would be better than this constant not knowing. we're on the 60-day clock and then on the 90-day clock. we need to get on a four and five-year clock. and that's why a budget and appropriations bills will make a difference, chuck. >> what are the chances, michael, of those things happening? >> well, you know, i think a long-term solution doesn't look very practical right now. and one reason is that members of congress like mr. blunt, republicans, are -- i think that it's more important not to give more ground on taxes than it is to create certainty. so i think e
and certainly, anything that washington does as we saw with the first debt ceiling negotiations, anything that washington does that adds to the uncertainty certainly doesn't help the economy. so i think most people would like to see these people sort of get their act together before the deadline, hopefully. >> well, in fact, senator roy blunt just blamed uncertainty. let me play that. >> uncertainty is probably even a greater problem than contraction. if we knew what the government...
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if you lost track of the debt ceiling and budget battles t came out of the debt limit deal. it was the white house's idea to hold washington's feet to the fire. the cuts were never supposed to happen. the committee that replaced them failed and at the start of the ewe near, the deal triggered even further until march 1st. we are faced with the looming cuts a few weeks away that boiled down to $85 billion that will be slashed by this fall if nothing happens. the focus has been on the cuts and the entire $1.2 trillion will be a 50-50 defense between defense and spending. to put us into perspective is the center for social inclusion. the sequester was designed to be something that would never happen. prot expect would scare washington into coming out with something else. there sounds out of washington, particularly from republicans that they might be okay with nothing happening and sequester being triggered. half is defense and half non-domestic discretionary spending. can you explain to people what would be cut if the sequester goes into effect. >> it's a pleasure to be here.
if you lost track of the debt ceiling and budget battles t came out of the debt limit deal. it was the white house's idea to hold washington's feet to the fire. the cuts were never supposed to happen. the committee that replaced them failed and at the start of the ewe near, the deal triggered even further until march 1st. we are faced with the looming cuts a few weeks away that boiled down to $85 billion that will be slashed by this fall if nothing happens. the focus has been on the cuts and...
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Feb 8, 2013
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it's actually worked pretty good effect thus far on things like the fiscal cliff and debt ceiling. republicans will try to draw a line somewhere. i'm not sure why yet. >> they thought they could draw it on national security with chuck hagel, and we've seen in the last 48 hours the president picked up the phone and he cauldron widen. he hasn't called too many senators too often, even in his own party. he cauldron widen because they had a real obstacle, and he knew that his cia nominee, his close friend, someone he is really eager to have confirmed john brennan, was in trouble going to that hearing. now not so much trouble. >> not so much trouble. these hearings are always as much about the -- using the moment as a lever to dislodge things that congress wants as they are about the nominee himself. i don't think there were a lot of questions about john brennan's kwaul ficks for the job. if i might say to live township the transparency that's been happy to profess. can i go back to the state of the union? i want to add a little bit of a note of caution to all this presidential huffing
it's actually worked pretty good effect thus far on things like the fiscal cliff and debt ceiling. republicans will try to draw a line somewhere. i'm not sure why yet. >> they thought they could draw it on national security with chuck hagel, and we've seen in the last 48 hours the president picked up the phone and he cauldron widen. he hasn't called too many senators too often, even in his own party. he cauldron widen because they had a real obstacle, and he knew that his cia nominee, his...
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the debt ceiling fight will resurface in the summer. >>> new polls showing the nra's opposition to reforming certain gun laws isn't registering with the american public. according to polling, more than 90% of voters in three states say they support wider background checks for people buying weapons at gun shows. that includes voters who live in households with a gun. when it comes to the question of armed police in schools, more voters in virginia, new jersey, and pennsylvania support the idea than oppose it. the board of education in new it is town, connecticut, is requesting funding for armed police officers in four elementary schools for the next school year. in chicago, meanwhile, mayor rahm emanuel is moving 200 officers from desk duty to the streets amid the city's most violent months in decades. 42 people have been murdered this year including 15-year-old who was shot dead this week while hanging out with friends in a park. >> when any young person in our city is gunned down without reason, their death makes an impression on all of us. and it demands action from all of us. the loss of
the debt ceiling fight will resurface in the summer. >>> new polls showing the nra's opposition to reforming certain gun laws isn't registering with the american public. according to polling, more than 90% of voters in three states say they support wider background checks for people buying weapons at gun shows. that includes voters who live in households with a gun. when it comes to the question of armed police in schools, more voters in virginia, new jersey, and pennsylvania support...
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Feb 8, 2013
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. >> nobody is worried about this upcoming debate on sequestration, on the debt ceiling. you think that creates noise and disruption. >> i do, maria. i think that you've got a trifecta coming off, you've got the skywest raise and the debt ceiling and the eurozone so there's still a lot of volatility out there, so that's have we're cautiously optimistic. you need to be properly allocated in order to reap the rewards of the greatest capital machine in the world which is our united states stock market. >> thanks, everybody. appreciate your time. >> we'll see you soon in the final stretch of trading. we've got a market that's higher on the dow jones industrial average. >> remember, the dow needs to be up 66 points or there abouts to be positive. don't look now but suddenly apple is up past $475 a share and it's all because big investors have a beef with the board. we'll talk to one major investor who is on apple's side in this battle. >> look outside new york city and our cnbc headquarters. it is bad and it's getting worse. the big worry now, power outages. believe it or not,
. >> nobody is worried about this upcoming debate on sequestration, on the debt ceiling. you think that creates noise and disruption. >> i do, maria. i think that you've got a trifecta coming off, you've got the skywest raise and the debt ceiling and the eurozone so there's still a lot of volatility out there, so that's have we're cautiously optimistic. you need to be properly allocated in order to reap the rewards of the greatest capital machine in the world which is our united...
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Feb 1, 2013
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that debt ceiling vote the senate has approve it, the house already did so we can borrow morgan to pay our bills through may. congress at that point will have to deal with it again. richard? >> tracie potts in washington. thank you. new yorkers are waking up to the news of the passing of an icon, one of the city's and nation's most outspoken and popular politicians, ed koch has died of congestive heart failure. he served in world war ii and later was elected to three terms as mayor of new york city. ed koch dead at the age of 88. dramatic and contention day of testimony for senator charlie hagel. >> reporter: john mccain seized on hagel's opposition to the surge in iraq. >> the question is, are we right or wrong? that's a pretty straightforward question. >> well, i'm not going to give you a yes or no answer. >> reporter: over his 2008 comments related to israel that a quote jewish lobby intimidate a lot of people in congress. >> name one person in your opinion who is intimidated by the israeli lobby in the united states senate. >> well, first -- >> name one. >> i don't know. >> reporte
that debt ceiling vote the senate has approve it, the house already did so we can borrow morgan to pay our bills through may. congress at that point will have to deal with it again. richard? >> tracie potts in washington. thank you. new yorkers are waking up to the news of the passing of an icon, one of the city's and nation's most outspoken and popular politicians, ed koch has died of congestive heart failure. he served in world war ii and later was elected to three terms as mayor of new...
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Feb 4, 2013
02/13
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then they decide not to fight on the debt ceiling and they need to move the attention on to something else. say they do have leverage elsewhere. so they have chosen sequester and put up a very brave face on it. it's possible they could convince themselves to let it actually happen but the idea that they get some sort of significant political gain from it, these are cuts they hated and they hated in large part because they hurt things they care about. so to permit the sequester to go forward on that kind of rationale is not a political win, not a policy win. everybody is losing. >> the "new york times" op-ed says more than a million jobs are on the line if this deal isn't made. a quote saying the losses will soon spread as contracts to states and cities are cut, education and police grants are cut, and payments to medicare providers are cut, even the aid just approved to victims of hurricane sandy will fall under the sequester's act. americans are about to find out what happens when an entire political party demands deficit reduction at all costs because those costs will be enormous. t
then they decide not to fight on the debt ceiling and they need to move the attention on to something else. say they do have leverage elsewhere. so they have chosen sequester and put up a very brave face on it. it's possible they could convince themselves to let it actually happen but the idea that they get some sort of significant political gain from it, these are cuts they hated and they hated in large part because they hurt things they care about. so to permit the sequester to go forward on...
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i think my biggest concern is we move into february and really up through april is the debt ceiling and what congress is going to do about that. and particularly, one number that was interesting this week was personal income and spending. it was a great number, but when you look forward, my concern is the new tax policies that are in place. and that amount of money may not be in consumers' pockets going forward. so it's been a great rally here in january. but i look for a pullback and i think we could see a 5% pullback when you look at interest rates hovering around 200 basis points, can't really pop any higher than that from a yield standpoint. i agree a correction is in the air and it is something we have to take a little pause, see where we're at and where we may go going forward. liz: yeah, i mean, we can't ignore the fact -- i want to check it because it changes moment by moment -- but the vix just at 13, straddling there? i mean alan you are looking at an energy and commodities picture over there. but when there is very little fear, and rising stocks, rising commodities, and a fal
i think my biggest concern is we move into february and really up through april is the debt ceiling and what congress is going to do about that. and particularly, one number that was interesting this week was personal income and spending. it was a great number, but when you look forward, my concern is the new tax policies that are in place. and that amount of money may not be in consumers' pockets going forward. so it's been a great rally here in january. but i look for a pullback and i think...
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to hit the debt ceiling. while the outcome could make it worse one bright spot growth is expect to do pick up from 2014 to 2018 as the effect of the housing financial criess is continues to face. >> thank you so much diane. >> it's 46 after the top of the hour. coming up, do you make your guests take off their shoes before they come into your house? are you normal or nuts doing this? >> you think cutting calories diet drinks are a good idea it turns out that is true unless you are mixing it with booze. we will explain that one straight ahead. first let's check in with steve doocy to see what's coming up on fox and friends first. >> it wouldn't be a morning without talking about food. >> sounds like you have been mixing something with something up there in that studio, lady. good morning to you. coming up on fox and friends we are talking a little bit how the governors of california and tech as are in a fight. which is better for business, texas with no income tax or california that has one way up here? also,
to hit the debt ceiling. while the outcome could make it worse one bright spot growth is expect to do pick up from 2014 to 2018 as the effect of the housing financial criess is continues to face. >> thank you so much diane. >> it's 46 after the top of the hour. coming up, do you make your guests take off their shoes before they come into your house? are you normal or nuts doing this? >> you think cutting calories diet drinks are a good idea it turns out that is true unless you...
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i don't know how many times i've sat in the chair whether it's debt ceiling, sequester. we have got to stop inflicting wounds on this economy. it is political malpractice. >> indeed, it is. jared bernstein and dana milbank, thank you so much. >> thank you. >>> much more ahead, but first a lighter moment with the president as he announces his latest cabinet pick. >> when sally's confirmed, i'm willing to bet that she will be the first secretary of the interior who frequently hikes and once spent a month climbing mountains in antarctica which is not something i'd do. because it seems like it'd be cold. and i was born in hawaii. ♪ [ man ] ring ring... progresso this reduced sodium soup says it may help lower cholesterol, how does it work? you just have to eat it as part of your heart healthy diet. step 1. eat the soup. all those veggies and beans, that's what may help lower your cholesterol and -- well that's easy [ male announcer ] progresso. you gotta taste this soup. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surp
i don't know how many times i've sat in the chair whether it's debt ceiling, sequester. we have got to stop inflicting wounds on this economy. it is political malpractice. >> indeed, it is. jared bernstein and dana milbank, thank you so much. >> thank you. >>> much more ahead, but first a lighter moment with the president as he announces his latest cabinet pick. >> when sally's confirmed, i'm willing to bet that she will be the first secretary of the interior who...
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Feb 2, 2013
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ceiling, whether it comes to chuck hagel or immigration reform. what do you think about all of that? >> well, it's funny. i am an old democrat as they say. so i remember the days when the republicans were all united. we democrats would get in a circle and start shooting inward. there was a sense in which everything has changed in the opposite way. you have got a very united democratic party standing toe-to-toe with the president. and you have got republicans bitterly divided so the way you get majorities right now is the democrats pick off republicans and leave the rest of the republicans out in the cold. if i were republican i would not be very happy right now. >> you mentioned the democrats have been through periods like this in the past. then along came bill clinton, for example. he nudged the party toward the center. the democrats started winning some elections. do you think if you take a look at what's going on with republicans from your side of the aisle that maybe something like that is going to be necessary in order for the republican part
ceiling, whether it comes to chuck hagel or immigration reform. what do you think about all of that? >> well, it's funny. i am an old democrat as they say. so i remember the days when the republicans were all united. we democrats would get in a circle and start shooting inward. there was a sense in which everything has changed in the opposite way. you have got a very united democratic party standing toe-to-toe with the president. and you have got republicans bitterly divided so the way...
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ceiling and next up sequestration. >> i think that's exactly right. you see that for the gdp numbers, for example. fourth quarter gdp numbers down and in large part because of government spending. redust in the military spending because of the draw down in the war but government spending does help the economy. >> right. >> clear that's been the case looking, for example, at great britain. they're in the double-dip recession right now doing the same austerity measures republicans oppose and we have had 6.1 million new jobs added in this economy and i think that the problems are we have to invest in education, make sure people have opportunities and make sure that the government doesn't pull back right now. >> what we also know is there are republicans who still strongly say and assert that the stimulus did not work and they do not believe in exactly what you just said. >> economists, the majority of those interviewed by "wall street journal" believes the stimulus works. 3 million jobs because of the stimulus and other thing is about the education thing
ceiling and next up sequestration. >> i think that's exactly right. you see that for the gdp numbers, for example. fourth quarter gdp numbers down and in large part because of government spending. redust in the military spending because of the draw down in the war but government spending does help the economy. >> right. >> clear that's been the case looking, for example, at great britain. they're in the double-dip recession right now doing the same austerity measures...
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it was august 2011 and the word sequester came out of the failed deal on the debt ceiling. then came the fiscal cliff, that was the next chance to prevent all of the cuts. washington punted, they said hey, three more months, we'll solve it then. nope. now three months is coming so guess what? they will punt again. you know what, thinking about it today, it reminded me a lot about this. ♪ put your little hand in mine ♪ put your little hand in mine ♪ put your little hand in mine ♪ there ain't no hill or mountain we can't climb ♪ >> that of course was "groundhog day." at least they had a good song. we have to listen to the terrible voices of people in washington. "outfront," michael waldman president of the brennan center from nyu school of law, and michael medved, conservative commentator for salem radio. great to see both of you. michael waldman, you're both michael so i have to do first and last names. great to see both of you. the president asking for a smaller package because a bigger deal can't get done. how is this moving the ball forward? there's blame to go
it was august 2011 and the word sequester came out of the failed deal on the debt ceiling. then came the fiscal cliff, that was the next chance to prevent all of the cuts. washington punted, they said hey, three more months, we'll solve it then. nope. now three months is coming so guess what? they will punt again. you know what, thinking about it today, it reminded me a lot about this. ♪ put your little hand in mine ♪ put your little hand in mine ♪ put your little hand in mine ♪ there...
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Feb 5, 2013
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ceiling in 2011. >> but they now say it was the president who is responsible. >> exactly. they voted for this. >> and paul ryan runs a marathon in less than one hour. >> i thought it was like 20 minutes. he's superman. this is what they wanted. >> of course. congressman, here is another apparent contradiction you might like to clear up for us. on the one hand, you have eric cantor out there giving a speech on making life work. he sounds like tony robbins or something. he's trying to sell yet another iteration of the republican party, but when you strip away the soft smile and the cadence, he'd happily slash every one of those programs that you just went through, wouldn't he? >> oh, absolutely. eric cantor despite all of the covering in the near is definitely proposing budgets that are hostile to middle and low income people. and particularly to vulnerable people, but not only that, you know, programs like s.n.a.p. actually give people money they can spend at the store that allows the store to hire people. eventually the programs they cut will hurt the people who are employ
ceiling in 2011. >> but they now say it was the president who is responsible. >> exactly. they voted for this. >> and paul ryan runs a marathon in less than one hour. >> i thought it was like 20 minutes. he's superman. this is what they wanted. >> of course. congressman, here is another apparent contradiction you might like to clear up for us. on the one hand, you have eric cantor out there giving a speech on making life work. he sounds like tony robbins or...
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i mean, the sequester, the debt ceiling, fiscal cliff, all these things are not so much real problems as they are manufactured partisan problems. but underneath them, you have this real problem which is basically the republicans won the debate on taxes, and the democrats have won the debate on the safety net. and as a result, that's sort of the deficit that we have. and the question is how can we solve it? and history suggests economic growth is the best way, but this deficit is also big enough in the long term that it's probably not going to be enough. and we need some combination of spending cuts and tax increases as well. >> yeah, how do we make that happen, sam? >> i was going to say, part of the problem is the tax revenue problem, which is that you don't have enough people making good incomes, paying good taxes, which is used to fund the social safety net that we value very highly. but it's also a health spending problem in that we spend a of d a lot of that's end of life health as well. one of the curious things about the health care debate when we're through, there's a huge bac
i mean, the sequester, the debt ceiling, fiscal cliff, all these things are not so much real problems as they are manufactured partisan problems. but underneath them, you have this real problem which is basically the republicans won the debate on taxes, and the democrats have won the debate on the safety net. and as a result, that's sort of the deficit that we have. and the question is how can we solve it? and history suggests economic growth is the best way, but this deficit is also big enough...
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Feb 4, 2013
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. >> so, now we haven't seen the downgrade and now we're waiting on the next level of debt ceiling debate or the sequestration and you start to see this headline. is this a warning to the other rating agencies -- >> trying to smack them down before -- >> if i were a conspiracy guy, that's -- >> if you were. lay it out. >> don't paint me with that brush. but if i were, this is what i would be saying. >> let's let that sit out there, just sit there. one of wall street's most well-known banking analysts surging you to buy all of the banks. here's what he said earlier today. >> you should be buying goldman sachs, bank of america, u.s. bank corp, you should be buying comerica. what you are going to get is continuous upearnings, inkreeflss in dividends, higher stock buy-back programs and record results. >> was he bullish? karen says to buy one bank stock in particular and she is turning her back on her belove fd jamie dimon. >> i'm not turning my back on him. you know, it's still as strong between us as it ever was, only -- >> should we slap another ceo in that little bubble? >> no, no, you kno
. >> so, now we haven't seen the downgrade and now we're waiting on the next level of debt ceiling debate or the sequestration and you start to see this headline. is this a warning to the other rating agencies -- >> trying to smack them down before -- >> if i were a conspiracy guy, that's -- >> if you were. lay it out. >> don't paint me with that brush. but if i were, this is what i would be saying. >> let's let that sit out there, just sit there. one of wall...
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and we have the best to come yet because we have to the side of the debt ceiling and spending. and so this is where we really need leadership, which we were used to. i tend to be an optimist about the united states because people gave up on us of vietnam's, on the watergate crisis, and we came charging back, and that think we will do it here. it would be nice if we did not have to go to the clef each time to do it. >> you know, and it began, when you start talking about the kind of relationships and leadership, you know, we still seem to have this atmosphere where people talk more at each other than trying to find some common ground, some common goal in getting it done. you broke still hold goal of growth and jobs, and that is the answer to all of this. you also talked a lot about contagion. now, we all, you know, a sense that if the europeans situation got worse and they are representing 23% of world gdp, you know, the effect that it is going to have on the united states, india, brazil is going to be real. and so with 40 percent of their exports coming year to the united state
and we have the best to come yet because we have to the side of the debt ceiling and spending. and so this is where we really need leadership, which we were used to. i tend to be an optimist about the united states because people gave up on us of vietnam's, on the watergate crisis, and we came charging back, and that think we will do it here. it would be nice if we did not have to go to the clef each time to do it. >> you know, and it began, when you start talking about the kind of...
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Feb 7, 2013
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we've worked through the debt ceiling pretty well, but when it comes to the sequester i think you've got a real problem here. the republicans might have leverage. obama doesn't seem to be ready to deal with that, and i don't know if the market is
we've worked through the debt ceiling pretty well, but when it comes to the sequester i think you've got a real problem here. the republicans might have leverage. obama doesn't seem to be ready to deal with that, and i don't know if the market is
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. >> at minimum we've got to raise the debt ceiling. so, that's the bare minimum that has to be achieved. >> here is what john boehner and the republicans in the house were demanding. >> the house cannot pass a bill that raises taxes on job creators. the house could only pass a debt limit bill that includes spending cuts larger than the hike in the debt limit as well as real restraints on future spending. >> and here is what john boehner said when the final bill was si signed into law with the dreaded sequester. >> when you look at this final agreement that we came to with the white house, i got 98% of what i wanted. i'm pretty happy. >> to his credit, that's how republicans lindsey graham remembers it as well. >> as john will say it with straight talk, we have our fingerprints as republicans on this proposal, on this sequestration idea. it was the president's idea, according to bob woodward's book, but we as the republican party gagreed to it. we got in this mess together and we're going to have to get out together. >> joining me now a
. >> at minimum we've got to raise the debt ceiling. so, that's the bare minimum that has to be achieved. >> here is what john boehner and the republicans in the house were demanding. >> the house cannot pass a bill that raises taxes on job creators. the house could only pass a debt limit bill that includes spending cuts larger than the hike in the debt limit as well as real restraints on future spending. >> and here is what john boehner said when the final bill was si...
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the measure will suspend the $16.4 trillion debt ceiling until the middle of may. the bill also requires members of the house and senate to pass a budget by mid-april or risk having their own pay withheld. >>> the dow's bounce above 14,000 didn't last long. worry about europe dragged the market down yesterday, the biggest losses of the year. the dow was down 129. the nasdaq lost 48. in the previous session, the dow had hit its highest level in years. >>> the u.s. government plans to file a civil lawsuit against the ratings agency standard & poor's. the suit accuses the firm of giving high ratings to risky mortgage bond and led to the 2008 financial crisis. s&p says the suit is without merit. >>> medical marijuana has been legal in california since 1996. but now some cities are banning the dispensaries. a ruling will soon determine how far state law can go to protect their right to do business. the state supreme court will hear arguments today on whether local governments can ban them. right now about 200 cities and counties ban medical marijuana dispensaries, three
the measure will suspend the $16.4 trillion debt ceiling until the middle of may. the bill also requires members of the house and senate to pass a budget by mid-april or risk having their own pay withheld. >>> the dow's bounce above 14,000 didn't last long. worry about europe dragged the market down yesterday, the biggest losses of the year. the dow was down 129. the nasdaq lost 48. in the previous session, the dow had hit its highest level in years. >>> the u.s. government...
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ceiling battles? will all of these numbers go out the window? >> well i think the biggest problem this country has is debt. eventually debt has to be paid back and the problem is we adding three billion a day to the deficit, and i'm just worried that one day we're going to wake up and the market's eyes are going to open up and say wait a minute, look at all these debt and start hitting the wrong way. but look. so far so good. for whatever reason the market likes what it sees, and i never argue with the market. it's kind of stupid to do that. i think you would be run over by a train if you bet against it right now. >> heather: gary kaltbaum joining us. thank you so much. we appreciate your insight as always. >> my pleasure. thank you. >> gregg: so he gave us the barney cam. remember that, and he was by president bush's side throughout his eight years in the white house. what the former president is now saying about his beloved scottish terrier. yeah the barney cam. >> heather: hours before the big game
ceiling battles? will all of these numbers go out the window? >> well i think the biggest problem this country has is debt. eventually debt has to be paid back and the problem is we adding three billion a day to the deficit, and i'm just worried that one day we're going to wake up and the market's eyes are going to open up and say wait a minute, look at all these debt and start hitting the wrong way. but look. so far so good. for whatever reason the market likes what it sees, and i never...
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we're not worried about the debt ceiling crisis. we're not worried about, well, for the moment, the eu -- we have that kind of psychological factor. a healthy private sector. and the problem is what? the problem is government and bad policy. and that's what we have to offset. >> but jim iuorio, i want to know where to invest. do we buy gold, silver, and commodities? do we buy banks, which are lagging a little bit? do we buy industrial cyclicals to play the world boom, if there is such a thing? in other words, how do you invest right now, having passed this 14,000 benchmark? >> well, there's a couple things. first of all, when caterpillar released its earnings it talked about good numbers out of housing. and you stloe in china. you invest in things like copper. you know i still like gold and silver. and today with the green light from the fed i'm still going to stay in things like those. i am in bank of america. i am in health care. i think the stock market looks pretty good. you said before, though, the stock market tends to be a le
we're not worried about the debt ceiling crisis. we're not worried about, well, for the moment, the eu -- we have that kind of psychological factor. a healthy private sector. and the problem is what? the problem is government and bad policy. and that's what we have to offset. >> but jim iuorio, i want to know where to invest. do we buy gold, silver, and commodities? do we buy banks, which are lagging a little bit? do we buy industrial cyclicals to play the world boom, if there is such a...